In the week from April 28 to May 5, Casper (CSPR) and Rocket Pool (RPL) took the top spots on the green board. In the continuation of the article, you can find the top-earning altcoins of the week, along with the next resistance levels.
- Casper (CSPR): 11.53 percent
- Rocket Pool (RPL): 7.06%
- Tron (TRX): 5.65%
- Stacks (STX): 3.24%
- PAX Gold (PAXG): 3.02%
Casper (CSPR) leads altcoin market weekly gains
CSPR price has been rising since it bounced off the $0.047 horizontal resistance area. The breakout led to the yearly high of $0.064 on April 30. However, the next resistors are pretty weak. This means that the price may increase the rate of increase in the near future.
If so, the next closest area of resistance will be $0.098, according to analyst Valdrin Tahiri. However, if the rally loses momentum, CSPR price could drop back to the $0.047 zone.
Rocket Pool (RPL) struggles with corrective price pattern
RPL price has been moving within an ascending parallel channel since the beginning of the year. The ascending parallel channel is a bearish pattern, meaning it often leads to distortions. Also, the price action shows that the RPL price is trading at the bottom of the pattern, amplifying the downtrend.
A horizontal support area and support levels intersect at $43 formed by the support line of the channel. If the RPL price drops from it, it could slide as low as $30. However, if it retakes the midline of the channel, the bulls’ next target will be $70.
Tron (TRX) leaves bullish formation
TRX price has been moving up alongside an ascending support line since March 10. Combined with the horizontal area of $0.068, this formed an ascending triangle, which is considered a bullish pattern.
On May 1, the price climbed above the $0.068 zone, confirming a break out of the triangle. An increase that crosses the height of the entire model leads the price to $0.080. On the other hand, a close below the $0.068 zone will mean the breakout is not valid. In this case, Tron price will likely break out of the ascending support line and drop back to $0.060.
Stacks (STX) surpasses critical resistance needed by altcoin bulls
STX price broke out of a descending resistance line on May 2. This line was previously in place since March 20. If the upside continues, the nearest resistance will be at $1. However, if the STX price drops below the resistance line, it means that the breakout is invalid. In this case, STX price will head towards $0.40.
Pax Gold (PAXG) ready to set new ATH level
Ending the rising altcoins list this week, PAXG price is approaching the ATH level after breaking above the $2,020 resistance area. Currently, the price is in the process of confirming the region as support.
If the upside continues, the next closest resistance is at $2,365. However, a close below the $2,020 area could lead to a decline towards $1,910.
As Kriptokoin.com, we have included the altcoins that are preparing to drop for the week of May 8 in this article. At the time of writing, Bitcoin’s movements in the $29,000 region were providing 1-2% green notes in the altcoin market.
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